Zambia Billions... Zambian Revenue Authority have sent First Quantum an $8 billion tax bill https://www.reuters.com/article/us-zambia-tax/zambia-slaps-miner-first-quantum-with-8-billion-tax-bill-idUSKBN1GW2FD … For context: thats about 10x FQM spend on capex & opex at Kinsanshi mine last year & more than the whole government budget
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It is almost as ridicolous as mining and oil companies 0-tax bills in many African countries
That's a bit simplistic Lars. Given the nature of high upfront capital investment, and the way tax systems deal with these costs- there can be absolutely non-ridiculous reason for a company to have a 0 bill for profit taxes.
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Anyway, here is what is going on in Zambia with the FQM case, in case you are interested Zambia billions?https://www.linkedin.com/pulse/zambia-billions-maya-forstater …
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Do you find the facts stated in the film "Stealing Africa" on Glencore uncorrect?
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"can be" :-) Point is that the Zambia and Tanzania proposals are as ridicolous as the non-payment of many extractives
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Lars. How do you judge when a 0 corporate tax payment by a mine is 'ridiculous' and when it is a normal result of the economics of mining? Maya (not Mary)https://twitter.com/MForstater/status/981080808051085312 …
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